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20 Sep 2013
EUR/CHF may have completed an “abc” correction at 1.2309 say Elliott Wavers
FXstreet.com (Barcelona) - In a pure display of relative strength on the part of the Swiss Franc, the EUR/CHF has been correcting lower since the 9/11 intraday peak. The correction, if EW technicians are correct, may have run its course, though.
EUR/CHF has EU consumer confidence numbers to digest Friday
EUR/CHF traders will wrap up the week’s data flow by reacting to EuroZone Consumer Confidence for September at 14:00 GMT.
Technical outlook for EUR/CHF
Elliott Wave technicians say the EUR/CHF cross likely completed an “abc” or “zig-zag” correction to the downside with Thursday’s intraday low at 1.2309. They note, though that the downside could stretch down to 1.2289 in an extreme case without negating the “abc” formation. Resistance comes in at the 9/17 peak at 1.2384.
EUR/CHF has EU consumer confidence numbers to digest Friday
EUR/CHF traders will wrap up the week’s data flow by reacting to EuroZone Consumer Confidence for September at 14:00 GMT.
Technical outlook for EUR/CHF
Elliott Wave technicians say the EUR/CHF cross likely completed an “abc” or “zig-zag” correction to the downside with Thursday’s intraday low at 1.2309. They note, though that the downside could stretch down to 1.2289 in an extreme case without negating the “abc” formation. Resistance comes in at the 9/17 peak at 1.2384.